thecryptobasic.com
XRP whales are amassing the cryptocurrency in scads as bullish momentum pushes the coin to three-year highs.
XRP has been in fine form in the past seven days. The XRPL native token has exploded 70% in the past week amidst swelling bullish momentum around its ecosystem amid speculations around SEC Chair Gary Gensler’s potential resignation.
The asset’s considerable upsurge has seen it hit a three-year high, reaching prices not seen since December 2021. XRP also reclaimed the $50 billion market cap, putting it on course to overtake meme coin Dogecoin in the rankings.
Meanwhile, XRP’s uptick is not the only bullish activity in its ecosystem. On-chain data shows that buying activities have also ramped up as whales look to stack XRP amidst price reawakening.
XRP Whales Buy 320M XRP in 72 Hours
In a Friday tweet, market expert Ali Martinez shares a Santiment data showing that XRP whales are massively amassing the token in large amounts. The data shows that these XRP whales have bought 320 million XRP in the past 72 hours, facilitating the bullish momentum.
Notably, this substantial stash was acquired by wallets holding between 1 million and 100 million XRP, with their cumulative bags nearing 11 billion XRP. Also, the 320 million XRP is worth $303 million at the current price.
Furthermore, Martinez’s post confirmed an earlier report indicating whale activities have reached epic levels. The Crypto Basic reported that XRP whales holding at least 1 million XRP have reached a six-year high, with their stash surpassing 45.61 billion XRP.
Meanwhile, the accumulation uptick signals a growing traction towards XRP amidst a bullish price outburst. It also indicates XRP whales are expecting more upsides for the leading cryptocurrency amidst speculations of regulatory clarity following Ripple CEO Brad Garlinghouse’s meeting with Donald Trump.
XRP Nears $1
The bullish upswing in the XRP price has pushed the asset near $1, a value it last traded in over three years. At the current price of $0.9684, XRP is just 3.3% away from breaching the 1-dollar valuation.
An analyst has insisted that it would break $1 in 24 hours, expecting whale inflows to catalyze the push. Other analysts also anticipate the same outcome, speculating FOMO would push the asset higher than $1.
Meanwhile, market commentator Egrag expects the XRP bullish momentum to continue, arguing that it would be price manipulation if XRP surges less than 40x this bull cycle.